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NOTES
1. Quoted by Steven Lonsdorf in a message to Congress. Data as of December 31,
1997.
2. Allison Bisbey Colter, "Hedge Fund Investors Seek Detailed Data, Survey
Finds," Wall Street Journal, April 1, 2003.
3. The estimated number of hedge funds in 1988 (1,373) grows to 8,100 at 12.6
percent annually in 15 years.
4. The estimated hedge fund assets under management in 1988 ($42 billion) grows
to $820 billion at 21.9 percent annually in 15 years.
5. The size of the average hedge fund based on the data in Figure 1.1 and Figure
1.2 in 1988 ($30.59 million) grows to $101.23 million at 8.3 percent annually
in 15 years.
6. The estimated hedge fund assets under direct investment in 1994 ($95 billion)
grows to $550 billion at 21.5 percent annually in nine years.
7. The estimated hedge fund assets under fund of funds investment in 1994 ($25
billion) grows to $200 billion at 26.0 percent annually in nine years.
8. The estimated hedge fund assets under either direct investment or through funds
of hedge funds in 1994 ($120 billion) grows to $750 billion at 22.6 percent an-
nually in nine years.
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